By Esther Onyegbula

Nigeria Police Force (NPF) Microfinance Bank has recorded significant growth over the last 32 years, expanding from a modest capital base of ₦500,000 in 1993 to shareholders’ funds of about ₦13 billion, with a customer base exceeding 1.5 million Nigerians.

The Managing Director of the bank, Mr. Habeeb Yusuf, disclosed this during an interactive session with journalists in Lagos, noting that the institution has evolved into a national microfinance bank with 49 branches spread across all state capitals in the country.

Yusuf said NPF Microfinance Bank remains the only microfinance bank listed on the Nigerian Exchange, a development he described as a reflection of its stability, transparency and strong corporate governance framework.

According to him, the bank began operations in 1993 and expanded gradually before attaining national status following licensing reforms by the Central Bank of Nigeria, CBN.
“We grew from a capital base of ₦500,000 in 1993 to shareholders’ funds of about ₦13 billion today. We are currently the only listed microfinance bank on the stock exchange and among the best-performing banks in terms of capital appreciation,” he said.

He added that in 2025, the bank ranked second best in capital appreciation among financial institutions, according to an independent publication, a development that has boosted investor confidence.

While acknowledging the bank’s historical association with the Nigeria Police Force, Yusuf dismissed the notion that its services are exclusive to police personnel.

“Although police officers and the Nigeria Police Insurance Scheme jointly own about 76 per cent of the bank, our customer base tells a different story. Only about 45 per cent of our salary products are patronised by police officers, while 55 per cent are taken by civilians and other professionals,” he explained.

He said out of the bank’s over 1.5 million customers nationwide, only about 300,000 are police officers, noting that its services are open to all Nigerians, including civil servants, traders, artisans, farmers and corporate clients.

In his remarks, Executive Director, Operations, Mr. John Kwabe Tizhe, said the bank offers a wide range of financial products tailored to different segments of society.

“These include current accounts, salary accounts, corporate accounts, multiple savings products and specialised loan schemes,” he said.

He listed some of the bank’s flagship products to include the Police Officer Service Account, Kids Education Savings, We-We Account for festive planning, Edu-Finance Savings, and the Better Women Savings and Loan Scheme.

Tizhe described the Better Women product as one of the bank’s most cherished offerings, designed to empower women and promote family stability through lower interest rates.

“We believe that when you empower a woman, you empower the family and the nation. That is why Better Women offers some of the lowest interest rates to support women in business,” he said.

He added that the bank also operates Halal banking services for customers who prefer interest-free accounts, particularly for pilgrimage and festive savings.

According to him, NPF Microfinance Bank provides a wide range of loan products, including salary-based loans, school facility loans, agricultural loans, transport financing, business loans and micro-housing schemes.
He said thousands of police officers and civil servants have benefited from incremental housing loans, enabling them to acquire land, build houses gradually and plan for life after retirement.

On interest rates, Tizhe acknowledged the challenges posed by the high cost of funds in the microfinance sector but said the bank offers some of the lowest lending rates in the industry.

“Our rates are competitive and affordable, with some products as low as three to six per cent monthly. Our non-performing loans are far below the five per cent threshold approved by the Central Bank,” he said.

He further disclosed that the bank has invested heavily in digital banking, offering USSD services, mobile and internet banking platforms, agency banking, ATMs and POS services.

“There is no technology deployed by commercial banks that we do not have. Customers can open accounts online, transfer funds, pay bills and withdraw cash anywhere in Nigeria,” he said.

Also speaking, the Company Secretary and Legal Adviser, Mrs. Osaro Idemudia, said the bank recorded over 1.1 million social media visits and about 350,000 interactions in the last month, reflecting its growing digital presence.

She noted that the bank operates largely without international donor funding, relying mainly on deposits and local funding, though it has accessed intervention funds from the Development Bank of Nigeria and the Bank of Industry.

Looking ahead, Yusuf said the bank plans to triple its balance sheet size within the next five years, expand its national visibility and deepen financial inclusion.

“Our goal is to be more visible, more accessible and more impactful across Nigeria. We want every Nigerian to know that NPF Microfinance Bank is safe, strong and open to all,” he said.

Executive Director, Finance and Administration, Mrs. Olamide Akin-Balogun, urged journalists and stakeholders to help restore public confidence in the microfinance sector by promoting credible institutions and cautioning the public against unlicensed deposit collectors.